It isn’t that Singapore real estate is making verbal promises, but whenever look at the numbers you cannot deny that the marketplace is very promising for buyers. When exploring the figures as of 2006, we discover that the private house price index showed a healthy 17.2% increase over its 3.9% increase from 2005. If you desperately want to get into the nitty gritty on the figures, then let’s take into consideration that property prices in Singapore are up 15.8% since 2002.
It’s not unknown as to why the Singapore market is on an upswing since the economy is more or less taking it with it. The economy showed a 7.9% gross domestic product growth in 2006 versus the 2005 growth rate of 6.4%. However, it isn’t merely the economic growth that is fueling the Singapore Real Estate current. It is also new policies within your housing market were being put into devote 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are apt to be able to purchase apartments due specific rules no longer being put set up (foreign purchase no longer has to meet the criteria of: the building must be over 6 stories high and must be deemed as a condominium).
The allowance of single people who aren’t related to jointly purchase properties via their Central Provident Fund (social security pension).
Cash down payments are down to 5% from the previous10% on home purchases.
Home ownership has become a significant goal of the jade scape singapore government. Due to this commitment and cooperation with the Housing and Development Board, Monetary Authority of Singapore, Urban Redevelopment Board, and the Central Provident Fund, home ownership has grown to 92% from its previous 27% as recorded in the early 70s. This is a success story in itself since Singapore encountered a housing crisis not long after it acquired its independence, but Singapore real estate is certainly making a statement.
Upon achieving economic stability, the interest on housing in Singapore has increased as well as the housing prices have increased as well. Find price of property makes for a stronger Singapore real estate market and provided that as these higher prices continue, same goes with the promises and high expectations of real estate within Singapore. Along with no doubt the numbers speak for themselves and they definitely cannot be forgotten about.